SEC Nominees Advanced by Senate Panel

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By Andrew Ramonas

SEC nominees Hester Peirce and Robert Jackson moved one step closer to confirmation after the Senate Banking Committee approved their nominations Nov. 1.

Panel members in a voice vote sent the nominations to the full Senate for consideration.

Jackson, a Columbia Law School professor, was nominated for a Democratic seat on the Securities and Exchange Commission in September.

Peirce, a senior research fellow at George Mason University’s Mercatus Center, was re-nominated for a Republican spot on the SEC in July. She received the panel’s endorsement for the position in 2016 but never received a Senate floor vote.

Jackson and Peirce said at their nomination hearing in October that cybersecurity would be a key priority. They also expressed concern about the cyber-vulnerability of the planned Consolidated Audit Trail, a massive database of information intended to help the SEC fight illegal trading and monitor market disruptions.

“Ms. Peirce and Mr. Jackson both demonstrated their knowledge of the securities markets and their commitment to improving our markets and protecting investors,” Sen. Mike Crapo (R-Idaho), the committee’s chairman, said before the vote. “I look forward to having these nominees confirmed by the full Senate.”

With Peirce and Jackson on board, the agency would have a full, five-member commission for the first time since 2015.

An SEC with five commissioners is “important” for the agency’s work, said Sen. Sherrod Brown of Ohio, the committee’s top Democrat.

“I’ve not always agreed with the SEC nominees or its commissioners, but they play an important role in protecting our markets,” he said.

To contact the reporter on this story: Andrew Ramonas in Washington at aramonas@bna.com

To contact the editor responsible for this story: Phyllis Diamond at pdiamond@bna.com

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